An up-to-date business intelligence report by Transparency Market Research (TMR) has detected that the shares in global nickel alloy welding consumables market are moderately consolidated among a few well-established players. While one half of the overall demands for nickel alloy welding consumables are currently being served by prominent players such Colfax Corporation, Lincoln Electric Holdings Inc., Voestalpine Böhler Welding GmbH, ESAB, and Illinois Tool Works Inc., the other half of shares are distributed among various regional and domestic players. Essentially, the competition in the global nickel alloy welding consumables is very intense and the players are aspiring to strengthen their distribution network to gain larger shares. In addition to that, global players are indulged into marketing their product and spreading awareness on how they are better than the local products. However, regional and country-wide players are able to provide inexpensive products to local demands and are expected to survive the competition coming from major players.
Global Nickel Alloy Welding Consumables Market to be worth US$5.6 bn by 2025
The analysts of the TMR report have projected the demand in the global nickel alloy welding consumables market to multiply at a formidable CAGR of 5.4% during the forecast period of 2017 to 2025. Revenue-wise, it has been estimated that the opportunities in the nickel alloy welding consumables market, across the world, will translate into US$5.6 bn by the end of 2025, considerably more than its evaluated valuation of US$3.5 bn in 2016. Based on product type, the market has been segmented into stick electrode and wires, with the latter providing for the most prominent chunk of demand. Based on alloy type, the market has been bifurcated into Monel and Inconel, whereas technology-wise, the market has been classified into shielded metal arc welding, gas metal arc welding, gas tungsten arc welding, flux cored arc welding, and submerged arc welding. Application-wise, the report explores the demand that can be expected out of end-use industries of oil and gas, power, construction, marine, and others, which includes transportation and manufacturing. Geographically, Asia Pacific has been highlighted as the most profitable region in the global nickel alloy welding consumables market, although Europe and North America also provide for healthy demands.
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Diverse End-use Industries to Sustain Strong Demand in the Near Future
The market for nickel alloy welding consumables is primarily driven by the sustained demand coming from its diverse end-use industries. Nickel alloy welding consumables are used extensively because of their corrosion resistance, high temperature strength, and their special magnetic and thermal expansion properties. In applications where efficiency is required, such as oil & gas and aerospace, nickel wire works the best. Nickel alloy stick electrodes are used for out-of-position welding and can be used on thick metals. In addition to that, nickel based welding consumables find application in aircraft, gas turbines, steam turbines, power plants, medical applications, nuclear power systems, and the chemical and petrochemical industries, among others. Since nickel, and its most common partner for welding purposes – copper, are abundantly available in the Earth’s crust and hence, the market continues to counter the competition coming from substitutes.
On the other hand, frequently ups and downs in the overall production of nickel is causing a price volatility and reflecting negatively on the global nickel alloy welding consumables market. Moreover dearth of substitutes, cost consciousness of consumers in small and medium enterprises, and the lack of skilled labor who can perform welding tasks are a few other challenges in front of the market.